The following describes two things:
- A rough outline of the Initial Intake Zoom Meeting when you hire us to do a Your Initial Real Estate Financial Plan™ Consultation, and
- How we recommend you go about setting up your initial situation in the Real Estate Financial Planner™ software if you’re doing it yourself
Time Estimate
If you were to hire us, for a typical person with a reasonable number of Accounts
Properties
Rules
If your situation is complex or you’re doing it yourself and learning as you go, expect it to take longer.
Setup Accounts First
Since Properties
Rules
Accounts
Accounts





I recommend you have Accounts
In general, you want to make sure you setup accounts for:
- General Checking/Savings Account – Where you pull living expenses and deposit your paychecks, other income and expenses (including rents and property expenses).
- Retirement Accounts – Accounts for your IRA, 4301K or other retirement money. I’ll often label this as an
orAll-In-One
.Primary
- Investment Accounts – Accounts for your investment accounts that are not retirement accounts. For simplified modeling, many folks will choose to group this with their General Checking/Savings Account.





Later, when we test the impact of changing our assumptions and plans, we might come back and create additional Accounts
Baseline Scenario
Add Properties Next


Once you’ve added your Accounts
Properties
I recommend you start with the Properties


When adding additional Properties
See How to Create a Copy of a Property more details on how to copy a Property
Be sure to add:
- All
you already own, Already OwnedProperties
- Templates of
the types ofProperties
you plan to buy in the future usingProperties
. We call these DynamicRules
Properties.
Create Scenario Next




Once you have added all your Accounts
Properties
Scenario
For the first Scenario
Scenario
IMPORTANT: Once you’ve created the Scenario
Accounts
Scenario
Account
Scenario
Account
Scenario
You’ll want to do the same thing with Properties
Scenario
Finally, Let’s Add Rules
Rules




Rules
Scenario
Here are the Rules
- Current living expenses
- Current job income for you and spouse
- One-time or regular bonuses
- Social security income for you and spouse (often times starting at a specific date in the future)
- Buying additional Dynamic
Properties
- Move money between
ifAccounts
balances drop below certain thresholdsAccount
- One-time or expected future expenses (like college education, weddings, divorce, lawsuit)
In general, I tend to add income before expenses and simple Rules
Rules
Later, as part of the analysis stage, I will often go in and add these types of Rules
- Sell
for a number of different reasonsProperties
- Pay off
faster with a number of different strategiesProperties
- Refinance or leverage up
Properties
- Property manager or self-manage
- Nomad™ or 20%/25% down payments when buying
- Buying annuities
- Stop working earlier or later
- Job change with higher or lower income
- Taking social security at different ages (and different dollar amounts)
- Earlier/later death of yourself or spouse (stopping certain types of income/expenses earlier/later)
- Purchase Your Initial Real Estate Financial Plan™ Consultation, or
- Purchase Premium Paid Support